机构观点 经济观察网 近7天内，能源政策领域出现重要动态。2026年2月11日，据报道美国总统特朗普计划通过 行政命令支持煤炭行业，包括指示国防部与燃煤电厂签订供电协议并提供1.75亿美元升级资金，旨在重 振化石燃料依赖。同期，氢能产业也迎来政策与市场双驱动趋势，如金辰股份等企业在制氢技术领域实 现突破，推动行业向多元化发展。 股票近期走势 受政策预期影响，能源股表现活跃。2月11日，美股多只煤炭股盘前拉升，Peabody Energy上涨近4%， 科尔黛伦矿业涨超2%；同日A股煤炭板块整体涨幅超1%，山西焦化涨近8%，兖矿能源涨近5%。这一 波动反映出市场对能源供应链情绪的短期反应。 机构对板块轮动和信托市场有所分析。银河证券在2月11日晨会中预计，2月上旬至春节资金将在科技和 有色等板块加速轮动，结构型行情突出。此外，用益信托报告显示，1月股票策略标品信托平均收益率 为5.23%，但需注意此为1月数据总结（发布于2月14日），且信托产品业绩受权益市场波动影响显著。 以上内容基于公开资料整理，不构成投资建议。 ...

格隆汇2月16日｜欧洲煤炭期货价格连续第四天上涨。此前，俄罗斯黑海港口遭到无人机袭击，该港口 处理着大量的煤炭出口；与此同时，主要煤炭出口国印尼收紧了煤炭供应。周末乌克兰发动的大规模无 人机袭击破坏了塔曼港的基础设施。据分析公司DBX Commodities称，该港口每月煤炭吞吐量超过100 万吨，可能面临短期出口中断。周一，尽管欧洲大陆基准天然气合约因天气前景转暖而下跌，但欧洲洲 际期货交易所3月份交割的煤炭价格仍上涨1%，至每吨108.10美元。 ...

格隆汇2月16日丨首钢资源(00639.HK)公告，根据集团截至2025年12月31日止年度(「本年度」)之未经 审核综合管理帐目之初步评估及其他现时董事会所得悉之资料，集团预计于本年度录得公司拥有人应占 综合溢利介乎于约6亿港元至7亿港元之范围内，对比截至2024年12月31日止年度约14.94亿港元，按年 下降约60%至53%。 该跌幅主要归因于本年度集团主要精焦煤产品的平均实现销售价按年下降约36%。销售价下降主要因 2025年国内煤炭市场供需呈现宽松态势，导致煤炭价格弱势运行，令集团主要精焦煤产品市场价格按年 大幅下滑约30%，因而拖累集团实现销售价。另外，诚如公司2025年中期报告所述，集团自2024年7月 起全面进入下组煤层开采，煤质有所变化，较高价低硫精焦煤已停产，进一步影响本年度集团主要精焦 煤产品的整体实现销售价。 ...

Core Insights - China and India, the world's largest coal consumers, are expected to reduce their reliance on coal-fired power generation for the first time in nearly 50 years by 2025, with China's coal power generation decreasing to 5735 TWh (down 1.6%) and India's to 1472 TWh (down 3%) [6][7] - The rapid growth of renewable energy sources, particularly solar and wind, is driving this shift, with China's solar power expected to increase by 43% and wind power by 13% in 2025 [6][7] - The decline in coal demand is impacting coal prices, leading to a supply surplus and prompting major coal-exporting countries like Indonesia to cut production targets and impose export limits [6] Group 1 - The increase in renewable energy generation is expected to create a turning point in the trend of rising global CO2 emissions, with over 90% of the increase from 2015 to 2024 attributed to the power sectors of China and India [4][7] - Despite the reduction in coal power generation, China is projected to add 78 GW of new coal power capacity by 2025, the highest in the past decade, which raises concerns about potential increases in global CO2 emissions if operational rates remain unchanged [7] - The transition to a low-carbon society hinges on whether coal power can shift from being a primary energy source to a supportive role for variable renewable energy sources [7]

Core Viewpoint - China Shenhua's major asset restructuring has been approved by the China Securities Regulatory Commission (CSRC), marking a significant step in enhancing its operational scale and profitability through the acquisition of key assets from its parent company, State Energy Group [2][3][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of equity stakes in 12 core enterprises under the State Energy Group for a total transaction price of 133.598 billion yuan, with 30% paid in shares and 70% in cash [2]. - The transaction was processed rapidly, receiving acceptance from the Shanghai Stock Exchange on January 30, approval on February 5, and registration from the CSRC on February 12 [2]. Group 2: Business Impact - The restructuring is expected to significantly enhance the company's business scale, with coal reserves increasing by 64.72%, recoverable coal reserves by 97.71%, and coal production by 56.57% [3]. - The basic earnings per share (EPS) after deducting non-recurring gains and losses is projected to rise to 3.15 yuan per share in 2024, an increase of 6.10%, and to 1.54 yuan per share in the first half of 2025, an increase of 4.40% [3]. Group 3: Strategic Alignment - The restructuring aligns with regulatory policies encouraging industry leaders to efficiently integrate resources, thereby enhancing investment value and eliminating competition within the same industry [4]. - The simplified review process reflects a shift towards differentiated and refined regulation based on company quality, benefiting compliant companies like China Shenhua [4].

"现在40岁以下中层副职及以上人员达37人，矿井主要负责人平均年龄较成立之初降低约10岁，33人入选中级人才库，5人入选'星火'数智化人才培养工 程。"鲁西矿业副总政工师、党委组织部(人力资源部)部长高志勇介绍。 在鲁西矿业，实干者不仅有面子，更有里子。他们坚持"工效挂钩、以效定薪"原则，实行机关"五档定薪"考评机制，推行基层单位工资"442"切块考核， 机关部室、基层单位绩效薪酬占比分别提升8.2和14.3个百分点。 聚焦科技创新锻造增长引擎 通讯员徐虎刘铁桥霍志超公致王磊荣 时代浪潮浩荡前行，市场竞争百舸争流。山东能源鲁西矿业聚焦企业动能激发与效能提升，以改革创新为引擎，在企业规范治理、科技创新创效、人力资 源优化等领域精准发力、攻坚破局，通过一系列卓有成效的举措，逐步构建起"规范运作、高效运行、优质运营"的新格局。 深化制度改革激发内生动力 鲁西矿业将深化"三项制度"改革作为激发企业内生动力的关键抓手，建立"控增优存"调整机制，推进"一规范、两倾斜"，率先完成两级机关机构改革，充 分释放整合融合效能，推动机构定员从数量压减向结构优化、效能提升转变。 秉承"实干者有为有位"选人用人导向，他们严格执行"末等 ...

（来源：辽宁日报） 转自：辽宁日报 本报记者张小龙（右）在井下680米深处采访老虎台矿掘修区矿工郝立钢。 曹起龙 摄 "这就是传说中的井底大巷？不对吧？"记者纳闷儿。 "你是不是以为巷道还用木头桩子和预制板支撑，漆黑一片，崴脚磕脑袋，像钻狗洞儿？"矿党委书记贺立江笑着说，"那是老 皇历了！"眼前的巷道，高3.5米，宽5米，每隔30米一照明，映得铁轨铮亮。支护用的是U型钢棚，外加锚网加固，一根柱子 可承重100吨！巷道两侧的白墙上，是矿工自己创作的画，草原、骏马、鲜花，令人心情舒畅。记者走在巷道，就像走在城市 的地铁通道，甚至商场的霓虹隧道。 本报记者 张小龙 本报编辑部讨论新春走基层选题，问大家最想去哪里？答案高度一致：煤矿呀！下矿井！理由是，矿工是很危险、很辛苦的 职业，现在大家都关注芯片、人工智能等高端产业，但老工业基地的传统产业工人，怎能被遗忘？ 但问题马上就来了：记者下井，有没有安全风险？环境昏暗，能拍视频吗？作业面狭窄，采访会不会影响工人生产？ 我们把问题交给抚顺老虎台矿，抚矿集团董事长柳春在电话里回复："啥都别担心，来了就知道。" 腊月廿六，上午11时，记者赶到抚顺市东洲区虎台山下的老虎台矿区。刚 ...

各基层单位的书法爱好者齐聚一堂，他们案前，狼毫饱蘸浓墨，凝神聚力间，笔锋在红纸上如行云流 水。 （来源：工人日报） 退休职工和家属们在广场上打太极、扭秧歌，预备着春节放假后，到基层慰问演出；职工活动室里，有 人挥毫泼墨书春联，有人凝神编排戏曲节目；井口候车室，有人唱着秦腔在井口表演，有人挂上中国 结、红灯笼装扮现场…… 临近春节，一股裹着年味的国潮新风在矿山上愈发浓郁。 矿区天寒文化热 陕煤集团黄陵矿业的职工活动室，暖意融融，墨香四溢。几张铺着大红空白春联的长桌前，工友们围得 满满当当，"新春送福·笔墨传情"活动正火热开展。 90后宣传干事高月圆与汉服的结缘，始于大学时的一次偶然。舍友帮她梳起垂花髻、描上黛眉，当那件 绣着缠枝莲纹的齐胸襦裙穿在身上，镜子里温婉古典的身影，瞬间击中了她的心。"原来华夏传统服饰 这么美，那种刻在骨子里的文化认同感，一下子就涌了上来。" 高月圆从此一头扎进汉服的世界，从最基础的款式学起，慢慢解锁不同朝代的服饰密码，她尤其偏爱明 制汉服的利落大气。为了读懂汉服背后的文化，她不再满足于"穿"这件事，而是主动钻研与汉服相关的 历史——不同朝代的服饰形制有何区别？对应的发型妆容有哪些讲究？ ...

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

Group 1: Market Performance - The stock price of China Shenhua (601088.SH) fell by 2.61% to 41.45 yuan on February 13, 2026, following the approval of a major asset restructuring project by the CSRC on February 12, 2026 [1] - The total transaction value of the restructuring is 133.598 billion yuan, with a cash payment ratio of 70% (approximately 93.519 billion yuan), raising concerns about short-term cash flow pressure [1] - On February 13, the net outflow of main funds was 128 million yuan, with a turnover rate of only 0.19%, indicating low market participation willingness [2] Group 2: Financial Performance - The company's 2025 earnings forecast indicates a 7.2% year-on-year decline in net profit attributable to shareholders, expected to be 1.57 billion yuan, due to challenges such as falling coal prices and weak electricity demand [3] - The coal sector overall saw a decline of 1.84%, exacerbating pressure on individual stocks amid a low industry prosperity [3] Group 3: Valuation and Technical Analysis - The stock price fell below the 5-day and 10-day moving averages, with the upper Bollinger Band resistance at 43.17 yuan not being breached [4] - The current price-to-earnings ratio (TTM) is 15.16 times, which is at a relatively high level compared to the past five years, leading some investors to take profits after the positive news [4] Group 4: Future Development - After the restructuring, the company's coal reserves are expected to increase by 97.71% to 34.5 billion tons, and its power generation capacity will rise by 27.82%, addressing competition issues with the State Energy Group [5] - The market will require time to digest integration risks and the impacts of industry cycles [5]